Washington Post, February 22, 2010. Today used to be George Washington's true Birthday and we celebrated earlier. Hehehahahoho all the way,Washington had to yield to the order of leaders to change the date without Washington's consent. Economic News below: -
Saudi Arabia's oil exports to the United States last year sank below 1 million barrels a day for the first time in two decades just as China's purchases climbed above theat level, highlighting a shift in the geopolitics of oil from West to East. Comment: The East and the West are One World for economic globalization.
The drop in US demand is the result of not only lower energy consumption, but also great reliance on imports from Canada and Africa.That is the change of policy.
President Obama wants to reduce dependence on foreign oil and encourage renewable fuels. Saudi Arabia, meanwhile,seeks stable markets for its large oil reserve.
China's buoyant economic growth, meanwhile, is prompting Beijing to buy more Saudi oil, a trend Riyadh has encouraged through refinery joint ventures for mutual benefit.
Comment: It is a matter of supply and demand in business in the world regardless of ideology.
Francis Shieh a.k.a. Xie Shihao,a watcher of Sino-American economics in action relevant to other nations in the global context. In Pin Yin: "Lai long qu mai" for the Chinese description of such business dealings.
Monday, February 22, 2010 at 9.30 a.m.
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